|
|
|
I sell both houses and condominiums. Many first-time buyers start with a condominium as there is a perception there will be less maintenance and responsibilities and sometimes condominiums are less expensive than houses. Similarly, many of my clients look to “downsize” or “right size” to a condominium after living in a single family detached house, again, in hopes of a more care free homeownership.
Buying or selling a condominium can be complicated and no two condominiums associations are alike. As with everything, the details are important.
1. Be familiar with the condominium associations process for selling. Some have right of first refusals or a specific process for selling.
2. Have all documents ready for potential buyers in advance of a sale. Review the condo docs and rules - are pets allowed, are rentals allowed and or are there rental restrictions, is smoking allowed?
3. Is there an upcoming an assessment? I always advise a seller to pay the assessment as a condition of the sale as it often becomes a negative negotiation sticking point.
4. Understand if there will be issues for a buyer who is securing financing. Some condo associations are ineligible for financing through Fannie Mae; in this circumstance a buyer would securing financing from a portfolio lender or pay cash. This might happen when an association has a low owner occupancy rate, insufficient insurance and or deferred maintenance on the building.
|
